Thursday, October 11, 2012

Apple Inc. (AAPL) Short-Term, Oversold Bounce

In myprevious post, I outlined the Fibonacci support (ambush) zone for AAPL based on an extended move to date. The area of major support is $567 to $535. Yesterday's bounce at $623 was in the ambush zone from $567 to $705 highs.

The second chart shows the series of measured moves down. If the series breaks, we can trade all the way half way back from highs to lows.

The target is still $567.00, but there will be relief rallies along the way.